First Flip Attempt

[Christy Place]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $190,000
Cash invested: $68,829
Sale price: $299,633

This was my husbands and my first ever flip. My husband did 90% of the work himself, only using contractors for large electrical, plumbing, and construction projects. He learned a lot about what to do himself, what jobs to hire someone for, and just how long it can take when you are by yourself. I learned a lot about the real estate side of the project and we now have the skills to help others work through this process.

What made you interested in investing in this type of deal?

I have always had an interest in flipping houses because I get really excited to see run-down houses, walk through them, and come up with a design plan. Watching said plan unfold is just incredible.

How did you find this deal and how did you negotiate it?

The owners at the time were directed to our Real Estate agent and she showed us the property as it was a good investment opportunity.

How did you finance this deal?

Through cash via 2 investors.

How did you add value to the deal?

I walked through and came up with the designs for everything. My husband rolled with those ideas and made them happen.

What was the outcome?

We sold the house quite quickly at a reasonable profit.

Lessons learned? Challenges?

We make sure to do the work to a high degree. We aren't the traditional flippers who run in, throw up a lick of paint, hide the disastrous side of things and essentially trick people into buying a lemon. We replaced what we would have fixed if we were buying the house ourselves. It cost us more money than we would have liked to have spent, but we were able to put a house on the market that we were proud of. The inspector for the buyers stated "this is a nice house" "done really well".